ZSZ Investment Fund doubles profits, grows retail and industrial holdings

The ZSZ Investment Fund, led by former ČEZ CEO Martin Roman, posted a record net profit of CZK 1.4 billion in 2024, doubling its earnings from the previous year. The fund also saw a parallel increase in the value of its assets, reflecting its aggressive expansion strategy across Central Europe.

A key driver of this growth was the fund’s 61% stake in SCI Eagle, a company that owns and operates six shopping centres in Poland. The portfolio, acquired last year, includes properties located in Warsaw, Bydgoszcz, Łódź, Szczecin, Toruń, and Wrocław, with a total leasable area of 219,000 square metres. The acquisition marked one of the largest retail property transactions in the Polish market in recent years, strengthening ZSZ’s presence in the region’s retail sector.

In the Czech Republic, ZSZ also expanded its industrial real estate holdings. The fund secured full ownership of industrial parks in Kolín and Pardubice, increasing its original one-third stake to full control. These parks serve a mix of logistics, manufacturing, and light industrial tenants and are viewed as strategic assets amid growing demand for industrial space near Prague and major transport corridors.

Additionally, the fund made significant investments in development projects beyond retail and industrial properties. It partnered with UDI Group on the redevelopment of the Smíchov railway station area in Prague, acquiring substantial land positions in what is one of the capital’s largest urban regeneration schemes. The project is expected to transform the former railway site into a mixed-use neighbourhood featuring residential, office, and retail components.

“Our results reflect not only strong asset performance but also our strategic focus on growth markets in Central Europe,” said Martin Roman, Chairman of the ZSZ Investment Fund. “We will continue to seek opportunities in retail, industrial, and development sectors, while expanding our footprint in high-potential locations.”

The fund’s diversification across asset classes and countries has helped mitigate market risks and position ZSZ as a key player in the regional investment landscape. Analysts note that ZSZ’s combination of stable income from retail assets and value-add potential from redevelopment projects offers a balanced portfolio strategy.

Looking ahead, ZSZ plans further acquisitions, particularly in logistics and urban redevelopment, as it capitalises on rising demand for modern space in both Poland and the Czech Republic. The fund is reportedly evaluating additional projects in secondary cities, where growth in e-commerce and regional economic activity are driving new real estate requirements.

Source: e15 and comp.